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SAN FRANCISCO: Twitter on Thursday posted quarterly earnings of $513 million days after it agreed to be bought to billionaire Elon Musk.
The social media firm mentioned Thursday that income rose 16% to $1.2 billion within the three months to March in contrast with the identical interval final yr.
Twitter, based mostly in San Francisco, reported a median of 229 million day by day energetic customers within the quarter, up 16% from final yr.
Musk’s $44 billion deal to purchase Twitter was introduced earlier this week and the deal is predicted to shut later this yr.
Twitter canceled the convention name with executives and business analysts that normally accompanies its outcomes, so there will probably be little additional perception into the corporate’s present monetary situation.
Twitter, which has agreed to be bought to billionaire Elon Musk, is because of report its first-quarter earnings Thursday earlier than buying and selling opens on Wall Avenue.
The report will present particulars on how the San Francisco-based social community fared over the primary three months of the yr. However Twitter has canceled the convention name with executives and business analysts that normally accompanies its outcomes, so there will probably be no additional perception into its present state.
Analysts predict Twitter to earn 5 cents per share on income of $1.23 billion, based on a ballot by FactSet. Analysts are additionally forecasting that Twitter added 11 million day by day energetic customers in contrast with the final three months of 2021.
Musk’s buy of Twitter is predicted to shut someday this yr. However earlier than the deal is accomplished, shareholders should weigh in, in addition to regulators within the US and in nations the place Twitter does enterprise. Thus far although, few hurdles are anticipated, regardless of objections from a few of Twitter’s personal staff, together with customers who fear about Musk’s stance on free speech and what it’d imply for harassment and hate speech on the platform.
Musk, who additionally runs the electrical automotive firm Tesla, in addition to SpaceX and different ventures, says he plans to take Twitter personal. If he does, the corporate will not be beholden to shareholders or publicly report its monetary outcomes, which have been blended at greatest for the reason that firm went public in 2013.
Twitter has struggled to constantly submit earnings as a public firm whereas producing lackluster income progress in comparison with the 2 dominant forces in digital promoting, Google and Fb.
On one hand, going personal might give Twitter extra room to experiment whereas focusing much less on short-term revenue and its inventory value. However, even the world’s richest man is prone to need the corporate to generate income.
“I feel there may be nothing higher for Twitter than Elon Musk shopping for it and ideally changing the board, and likewise doubling down on investments into merchandise and new revenue-generating sources,” John Meyer, a expertise entrepreneur and investor, informed The Related Press earlier this week.
The social media firm mentioned Thursday that income rose 16% to $1.2 billion within the three months to March in contrast with the identical interval final yr.
Twitter, based mostly in San Francisco, reported a median of 229 million day by day energetic customers within the quarter, up 16% from final yr.
Musk’s $44 billion deal to purchase Twitter was introduced earlier this week and the deal is predicted to shut later this yr.
Twitter canceled the convention name with executives and business analysts that normally accompanies its outcomes, so there will probably be little additional perception into the corporate’s present monetary situation.
Twitter, which has agreed to be bought to billionaire Elon Musk, is because of report its first-quarter earnings Thursday earlier than buying and selling opens on Wall Avenue.
The report will present particulars on how the San Francisco-based social community fared over the primary three months of the yr. However Twitter has canceled the convention name with executives and business analysts that normally accompanies its outcomes, so there will probably be no additional perception into its present state.
Analysts predict Twitter to earn 5 cents per share on income of $1.23 billion, based on a ballot by FactSet. Analysts are additionally forecasting that Twitter added 11 million day by day energetic customers in contrast with the final three months of 2021.
Musk’s buy of Twitter is predicted to shut someday this yr. However earlier than the deal is accomplished, shareholders should weigh in, in addition to regulators within the US and in nations the place Twitter does enterprise. Thus far although, few hurdles are anticipated, regardless of objections from a few of Twitter’s personal staff, together with customers who fear about Musk’s stance on free speech and what it’d imply for harassment and hate speech on the platform.
Musk, who additionally runs the electrical automotive firm Tesla, in addition to SpaceX and different ventures, says he plans to take Twitter personal. If he does, the corporate will not be beholden to shareholders or publicly report its monetary outcomes, which have been blended at greatest for the reason that firm went public in 2013.
Twitter has struggled to constantly submit earnings as a public firm whereas producing lackluster income progress in comparison with the 2 dominant forces in digital promoting, Google and Fb.
On one hand, going personal might give Twitter extra room to experiment whereas focusing much less on short-term revenue and its inventory value. However, even the world’s richest man is prone to need the corporate to generate income.
“I feel there may be nothing higher for Twitter than Elon Musk shopping for it and ideally changing the board, and likewise doubling down on investments into merchandise and new revenue-generating sources,” John Meyer, a expertise entrepreneur and investor, informed The Related Press earlier this week.
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